According to Adam Smith, the butcher, the baker, and the brewer do what they do because of Question 39 options: Religion calling Benevolence (kindness) Self-interest Laws of production
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According to Adam Smith, the butcher, the baker, and the brewer do what they do because of
Question 39 options:
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Religion calling |
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Benevolence (kindness) |
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Self-interest |
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Laws of production |
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- Opportunity cost Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog.What is an opportunity cost? Give an example from class or make up your own.A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?
- What is economics? A social science that teaches one how to cope with scarcity. A discipline that quantifies the values of assets. A quantitative science to analyze business cycles. A science that teaches firms and individuals how to maximize profits.Advantages of market economyEconomics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics. Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay.
- You win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5 percent interest. What is the opportunity cost of spending the $100 now?You win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5% interest. Which of the following is the opportunity cost of spending $100 now?You have exactly $50 to spend on some music. For the albums you are considering, the followin table lists the value to you, in dollars, as well as the price you must pay to acquire it. Album Price Sign of the Times (Prince) $25 Blood on the Tracks (Bob Dylan) $25 What's Going On (Marvin Gaye) $25 Nevermind (Nirvana) $25 Value $60 $67 $98 $85 What is the cost, in dollars, of paying $50 for an autographed copy of BTS' album Map of the So 7? Round your answer to two decimal places and do not enter the currency sign. If you answer is -$1.275, enter 1.28.
- APPLIED ECONOMICS Making Decisions. If we cannot have everything we want, then we must choose what we want the most. Why must a society face the choices about what, how, and for whom to produce? (Please focus the explanation to "WHAT").What is the opportunity cost of going to a movie? the price of the ticket the price of the ticket plus the cost of any soda and popcorn you buy at the theatre the total cash expenditure needed to go to the movie plus the value of your time zero, as long as you enjoy the movie and consider it a worthwhile use of time and moneyBeing able to make an item at a lower cost than anyone else can make it is an advantage? True or False